Goldman Sachs Maintains Top Rating on Pfizer (PFE), Catalysts Ahead and Possible Full Break-Up

May 2, 2012 8:38 AM EDT Send to a Friend
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Price: $31.94 -0.09%

Rating Summary:
    14 Buy, 7 Hold, 1 Sell

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Goldman Sachs reiterated their Conviction Buy List rating and $26 on Pfizer (NYSE: PFE), saying the comapny is well positioned ahead of numerous upcoming catalysts.

The firm notes the company feels prepared for the upcoming tofacitinib panel (May 9; documents post May 7); other catalysts include Eliquis PDUFA (June 28), the launch of Elelyso (approved May 1 for Gaucher disease), and the free bapineuzumab call option.

The company reiterated that it doesn't see any opportunity for a large acquisitions, which may lessen speculation that the company could buy Bristol-Myers Squibb (NYSE: BMY). However, they continue to believe Pfizer will further bolster its
Generics business.

Goldman sees planned separation of Nutrition and Animal Health as "a precursor to a potential full break-up if PFE’s pipeline proves successful and the Generics business had stand-alone capabilities – creating a potential P/E arbitrage," The firm is encouraged by the new CEO's openness to consider further separations if they make sense.

For an analyst ratings summary and ratings history on Pfizer click here. For more ratings news on Pfizer click here.

Shares of Pfizer closed at $22.78 yesterday.


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